Family Office Expert Richard C. Wilson provides you the keys towards formulating your Family Office.

Welcome to the Family Office Podcast powered by familyoffices.com.

Hello. This is Richard Wilson with the Family Office Club and today's webinar is on why you need a family office, attract deals and capital partners while reducing taxes and fees. So, this webinar is being created because I was face to face with a billionaire about seven or eight months ago. He asked what I did, I explained it. I told him why people like to have their own family office and whatever came out of my mouth at that point was not good enough to convince him. He said, "Well, I invest all my own money. I have most of what you say already in place. I don't really think I need a family office." I think he was wrong in the moment, but we were at a social gathering with about 60 people in a presidential suite of a hotel and I didn't have time to go through a webinar with him on why he does in fact need a family office, I believe, and obviously I could do a more concise job of summarizing it up in a single sentence.

So, when I also looked at what 20 some webinar topics we'd cover today, I realized we've gone over how to start a family office in some detail in some of the webinars and in some of our live conferences. We cover that within our book, obviously called How to Start a Family Office. But I'd never done a webinar really on all the reasons why the family office industry continues to thrive and grow despite what's happening in the economy. It grew during 2007, '08, '09, '10 and '11. It grew recently over the past seven years since then and I believe it's going to continue to grow for the next 10 or 20 years.

So, this webinar is going to go through exactly why if you're worth 10 million, 30, 50 million, a couple hundred million or several billion dollars as many of our clients are, then this is why you need a family office. I'm going to go through the slides very quickly. It's my belief that the most valuable people that this would resonate with are the ones with the least amount of free time. So, if I can, I'm going to knock this out in 15 or 20 minutes. It's probably going to go a little bit over that. But bear with me, because we're going to be trying to deliver a lot of value to you per minute, if this is relevant to you at all. So, let's jump right into it.

So first off, the core of a family office, what does it include and what's the core reasons why people start a family office? First is the peer family office access. There's a variety of reasons that you would want it and we're going to go over a few of those reasons. But being able to connect with other centimillionaires, billionaires or the family office teams that protect their assets and invest them can be beneficial for many reasons. One of the top motivating factors is to do more direct investing and to have more deal flow.

So, traditionally wealth management is done through a private banker. They have a platform of fund managers. If you want real estate access, they put you into a REIT or a real estate related ETF or you might get lucky and through a private banking division, they'll allow you to own 0.3% of a multibillion dollar building or a portfolio of commercial real estate buildings. And that's as direct as your investments get typically with a private bank or traditional wealth management firms. A lot of people say, "Well, I spent my whole life creating my wealth. The last thing I want to do is now fork over 25% or 80% of it to a private banker and hope he's not going to ruin it all or lose a lot of it while charging me a lot of fees."

The famous saying is that, "For a lot less fees I can lose money just as well as myself," is what people often complain about.

This content was produced by the Family Office Club, to learn more about downloading our free book on ultrawealthy investors and investing, to explore membership, or see when our next live events are please visit http://FamilyOffices.com If you are interested in setting up a family office solution, or getting better direct investment deal flow through our Centimillionaire Advisors, LLC division please visit http://Centimillionaires.com'>http://Centimillionaires.com

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Richard C. Wilson is the founder of the Family Office Club, the #1 largest community of registered ultrawealthy families and family offices with 1,750+ registered investors and 20+ live events a year. To download a free book on the family office industry please visit: https://familyoffices.com/familyoffi... and if you need help investing or setting up your family office please see our Centimillionaire Advisors, LLC website at http://Centimillionaires.com'>http://Centimillionaires.com